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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Let's take a look at some stocks on the move today. I'm Nathan Hager, joined by Bloomberg's Valerie Titel and Valerie. Now it looks like we're a step closer to getting end of the government shut down. We're back to focusing on AI stocks, and in Vidia certainly in focus this morning.
Good morning, Yeah, at least not for good reasons. And Video isn't focused because it's in the red. It is leading the losses for the Max seven this morning. It's down one and a half percent so far in pre market trade. Now, this does come after yesterday's session saw near six percent gains.
It was in Nvidia's fourth best session of the year yesterday, so maybe not a surprise we're on a back foot, but adding to the negativity around Nvidia has been a surprise move by Soft banked off floated shares of Nvidia. They announced this in their earnings overnight that they did so in the month of October. They announced that, alongside
making an additional investment in open AI. So perhaps that's saying that SoftBank is seeing more value in privately held AI companies rather than publicly traded stock such as Nvidia. So Nvidia on a backfoot this morning after the gains of yesterday. It's in the red, down one and a half percent.
And that's not the only mag seven name on the back foot this morning. What's going on with Meta Platforms Valery?
This is a really interesting one. Meta is down one point three percent, and this comes after a Financial Times article reporting that the company's chief AI strategist, sorry Jan Lacoon, is planning to leave to create his own startup. Now, this is a French US scientist who is considered one of the pioneers of modern AI. He worked on longer term research products under Meta's AI research lab and recently
the CEO Mark Zuckerberg. At Meta, it has been radically overhauling metas ai operations to focus more on rapidly rolling out models and AI products instead of long term projects. So perhaps he is wanting to leave the firm to start on other projects of his own, but it does seem to be impacting the stock price. The loss of this main AI chief scientist, Meta is down one point two percent.
After all the hiring that Meta has been doing at Apple, very interesting development. There a big loss this morning for core Weave. That stock is just getting clawborate value.
Yeah, another tech stock in the red, core Weave is down over ten percent in pre market trade, and I think this is telling us about potential bottlenecks in this race to build out these AI data centers. Coreeve is falling after earnings. Essentially, what happened is that they had a delay within a third party on building out a data center, and that delay means that they could not fulfill a customer contract and they had to essentially mark down their guidance when it comes to sales for the
remaining quarters of the year. So perhaps investors are not taking kindly to the fact that Coreweve is not able to meet customer expectations as quick as possible. Also, they had some tighter margins which were a weak spot in the otherwise pretty great report for the third quarter. Now, Coreweve is the tech company the ipode back in March, and essentially their business model is renting out access to powerful AI chips to its main customers, which are Microsoft and Meta.
And just thirty seconds left, but investors seem to like what they got from the first earnings for the new paramount sky Dance.
Yes, shares gained as much as ten percent. They're up around five percent now. The company claimed more efficiencies from the merger back in August with sky Dance. They see efficiencies of around three billion dollars, up from the amount they previously claimed of two billions. So investors liking these cost efficiencies, which were announced alongside a further workforce reduction, so paramount skuiddance of five percent.
This week the Stockmovers Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.